After holding steady during this difficult time, Ripple may experience some substantial growth in the weeks to come. Even more promising for XRP, is the likely tokenization of national currencies.
March the 13th took a toll on all cryptocurrencies. As the market leading Bitcoin took a historic nosedive, sure enough, altcoins followed in its wake. XRP had been trading above $0.20 before the BTC crash but has since been holding steady around $0.16 for the last couple of days.
Experts and analysts now feel somewhat confident that XRP will gain around 50% profit from its current price in the mid-term after its most recent support level was reached.
Although a few experts expect a more bearish ‘Rising Wedge’ pattern to drop XRP to around $0.15, many more are now sharing their optimistic views, believing that Ripple will continue on an upward trend and become even more valuable if national currencies turn digital quickly as a result of COVID-19.
As the coronavirus continues to close businesses and increase the need for social distancing, there has been a fresh push for the tokenization of the American dollar. Co-founder of Morgan Creek Digital, Anthony Pompliano had already stated in an interview with Squark Box, that there was an immediate need for the federal government to tokenize the US dollar. He believes that all countries are en route to do the same.
The Chinese have been working on digitizing the Yuan, a plan which has been over 5 years in the making and would make it more accessible in other countries than the leading USD. The Bank of England have entire teams working on the tokenization of the British pound, and other countries like Sweden are still further ahead.
Ripple could gain huge as these financial evolutions take place. Its very design is aimed toward large banks and institutions, enabling them to perform frictionless transfers across borders with minimal fees. Ripplenet would act as a bridge as more global fiat currencies tokenize, and this would make XRP very valuable indeed.
Other Breaking News for Ripple…
The Ripple community has identified a fake YouTube account today, with someone claiming to be CEO Brad Garlinghouse. The fraudster is using the channel to post videos for a fake airdrop scam and is asking viewers to send large amounts of XRP to a “Contribution Address”, offering a 100% bonus to all participants.
The video itself shows an interview between the real Brad Garlinghouse and CNN anchor Julia Chatterley as they discuss a possible IPO (Initial Public Offering) for Ripple in 2020.
Brad has yet to comment on the scam and at the time of writing, YouTube are still allowing the post to be promoted to millions of users as an advertisement. If you come across this posting, it is a scam. We would strongly advise against making any kind of donation.